After reporting a pre-sales drop in FY25, realty firm Sobha Ltd exited FY26 with a bang. Pre-sales or bookings rose 30% year-on-year to ₹8,136 crore – its best-ever, driven annually, by new project launches and geographical diversification. Still, it missed the ₹8,500 crore pre-sales target set for the fiscal year.
Sobha launched nine projects in six cities during FY26. Out of these, three were in the March quarter (Q4FY26), consequently, pre-sales for Q4 rose year-on-year to ₹2,039 crore. Sobha made its foray in Mumbai and Greater Noida in FY26.
On the flipside, Gurugram project (Sector 63A) has spilled over to FY27 due to delay in RERA approval. Had it been launched as planned, FY26 pre-sales would have touched ₹8,500-9,000 crore, said Antique Stock Broking.
Sobha’s bookings growth driver remains one crucial market- IT hub Bengaluru. This market recorded its highest-ever pre-sales of ₹4,478 crore in FY26, contributing 55% to total pre-sales. Strong traction across all projects aided the momentum.
The National Capital Region clocked pre-sales of ₹2,455 crore, accounting for 30% of total pre-sales. Sobha launched two new residential projects in Greater Noida and one serviced residences project in Gurugram during the year. Kerala contributed 10% to total pre-sales, supported by new towers launched in Marina One, Cochin and a new project launch in Trivandrum. All other cities contributed 5% of total sales.
Sobha sold around 5.5 million square feet of space in FY26, up 18.5% year-on-year; average realisation rose 9% year-on-year to ₹14,675 per square feet. Despite these positives and a healthy balance sheet, the mood is sombre. The Sobha stock is down 20% so far in 2026, versus 23% fall in the Nifty Realty index. Investor sentiment has turned sour for all realty stocks.
An AI-led disruption and West Asia war fueling inflation are seen as potential dampeners to housing demand, especially in the mid-income/premium segments.
“While Bengaluru can deliver volume growth, threat of job losses due to AI and the ongoing war have led to a decline in housing sales in the country and increased risk perception of realty stocks,” said Nuvama Research report on 5 April.
Sobha also has exposure to Pune, a key IT market. In this backdrop, the pace of new launches and customer response to them will determine the stock’s trajectory.